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New Zealand officials are again seeking clarification from China after meat consignments were stalled on Chinese wharves for the second time in as many months. Primary Industries Minister Nathan Guy, who is in China on a trade mission, said he learned on Thursday that China had changed meat import rules and is now requiring sign off by a veterinarian directly …

Rakon, the second-worst performing stock on the New Zealand sharemarket in the past year, will sell 80 percent of its Chinese joint venture factory to a Chinese electronics manufacturer for US$18.8 million to reduce debt. Rakon, which will retain a 5 percent holding in the venture, is selling the stake to Shenzhen Stock Exchange listed ZheJiang East Crystal Electronic Co, …

The receiver for accused Ponzi scheme operator David Ross sold about $199,000 of family paintings and is looking at the family-owned properties as he tries to unravel the affairs of Ross Asset Management. PwC’s John Fisk and Duncan Bridgman have been appointed to preserve the assets of the Ross family and related trusts as part of the wider investigation into …

Accused Ponzi-style scheme operator David Ross made an appearance of less than five minutes in the Wellington District Court this morning, just enough time for his counsel to seek adjournment until Aug. 22 for substantive hearings on eight Crimes and Financial Advisers Act charges. Ross faces charges relating to $384.8 million of assets recorded in the accounts of a Ross …

The receiver for Strategic Finance has pushed out its deadline to cut a deal with the directors of the failed lender as it begins talking to a third party about settling a potential claim. PwC’s John Fisk has “effectively” completed a deal with Strategic’s directors over potential breaches of the Companies Act, but has put the deadline on hold while …

The New Zealand government posted a smaller operating deficit than forecast as the corporate tax take continued to beat expectations, while its cash balance was bolstered by a more successful float of MightyRiverPower than anticipated. The operating balance before gains and losses (obegal) was a deficit of $3.27 billion in the 11 months ended May 31, smaller than the $4.03 …

The New Zealand dollar surged against the British pound and the euro after central banks there highlighted their easing bias, increasing demand for the higher yielding local currency as rates in New Zealand are set to climb. The kiwi rose to a month high of 52.17 British pence, and recently traded at 51.95 pence, from 50.97 pence at the 5pm …

European stocks climbed as both the European Central Bank and the Bank of England reassured investors that interest rates will remain low to help their respective economies. “The Governing Council expects the key ECB interest rates to remain at present or lower levels for an extended period of time,” ECB President Mario Draghi said at a press conference in Frankfurt. …

The New Zealand dollar gained against the greenback as investors slowed down the liquidation of their trans-Tasman holdings, which they embarked on amid growing expectations the Federal Reserve will start unwinding its money printing programme. The kiwi rose to 77.79 US cents at 5pm from 7.68 cents at 8am and 77.41 cents yesterday. The trade-weighted index rose to 74.07 from …

Genesis Energy has secured resource consents for what would be the largest wind farm in New Zealand, a 286 turbine development in a remote part of the Wairarapa. However, low demand growth for electricity means it is unlikely to be built for many years. “With a 10 year lapse period and a 10 year construction period, the Castle Hill wind …